Companies

Sundaram Clayton sells 5.14% stake in TVS Motor

Our Bureau Chenani | Updated on June 07, 2021

Deal size is ₹1,506 cr, holding down to 52.26%

TVS Motor Company saw 2.44 crore shares, worth ₹1,506.09 crore, change hands on Monday through the bulk deal window on the NSE. The stock is currently trading 3.42 per cent higher at ₹642.92 on the NSE while the bulk deal took place at between ₹617.25 and ₹623.40. This is 5.16 per cent of the total shareholding of TVS Motor.

According to market sources, the selling in TVS Motor has been done by Sundaram Clayton, as part of restructuring. It sold about 9 per cent of its holding in TVS Motor.

Also read: TVS Motor total sales down 30 per cent in May

Currently, promoter Sundaram Clayton holds 57.40 per cent stake or 27.26 crore shares.

Among the public, mutual funds hold 11.50 per cent stake and foreign portfolio investors 12.34 per cent. LIC holds 6.46 per cent while small investors own 6.99 per cent stake.

It may be recalled that TVS family members, in December, had announced restructuring of group companies among the family members. Venu Srinivasan, MD of TVS Motor Company, had informed the exchanges that the family had agreed to subscribe to the terms of a memorandum of family arrangement to align and synchronise the ownership of shares in various group companies.

Following this, the company, in January, informed the exchanges the process of a composite scheme of amalgamation and arrangement that included demerger of various businesses managed by various family members into companies that are majority-owned by respective families.

The stock of Sundaram Clayton, which jumped 10.6 per cent on the BSE to ₹3,975, is currently trading at ₹3,905, up 8.6 per cent.

Published on June 07, 2021

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